Frank L. Washelesky, CPA, JD, CVA, PFSHe | HimDirector
P 312.670.6235 | F 312.670.8301
Overview
Frank Washelesky is both a CPA and an attorney with more than 25 years of experience representing closely-held businesses, their owners and executives. He is a Director at ORBA and a member of the Executive Board.
Frank’s main focus is on advising clients through the diverse stages of their careers. From start-up through exit, Frank is highly experienced in creating value and navigating businesses to success. He is particularly adept in helping his clients plan and execute successful and smooth ownership transitions.
Frank is considered a thought leader in his field, both lecturing and authoring articles on business succession planning, business valuations, choice of entity, estate and personal financial planning, and other tax issues.
Overview
Frank Washelesky is both a CPA and an attorney with more than 25 years of experience representing closely-held businesses, their owners and executives. He is a Director at ORBA and a member of the Executive Board.
Frank’s main focus is on advising clients through the diverse stages of their careers. From start-up through exit, Frank is highly experienced in creating value and navigating businesses to success. He is particularly adept in helping his clients plan and execute successful and smooth ownership transitions.
Frank is considered a thought leader in his field, both lecturing and authoring articles on business succession planning, business valuations, choice of entity, estate and personal financial planning, and other tax issues.
Proactive
Frank uses his experience to see the road ahead and help businesses succeed. His diverse background allows him to play a key role in each stage of a business’s development and help the owners and executives meet their personal goals as well.
He enables start-up ventures to begin life on the right foot by helping them with entity and tax structuring issues, financing and capital funding. As the business grows, Frank helps continue their success through cash flow analysis and budgeting, tax and value enhancement strategies.
Once a business matures, Frank’s business succession and merger/acquisition planning expertise comes into play, as well as his deep understanding of personal estate and financial planning. He delivers a significant advantage during this time by knowing that a successful transaction requires both the objective financing and deal structure, as well as the more subjective work of helping the involved parties transition into their new roles.
Outside of the Office
Frank loves exploring and encountering challenging milestones. He enjoys photography and outdoor activities with his family. They can often be found hiking, camping, fishing and canoeing near Starved Rock, where Frank was raised, and throughout the Midwest. Frank and his family also enjoy geocaching around the city and wherever they are visiting.
Seminars & Events
- Retirement and Investment Planning in Today’s Legislative Environment, Chicago, IL, December 11, 2019
- XPX Chicago – Impact of Tax Reform on Business Owners, Chicago, IL, February 22, 2018.
- XPX Chicago – Case Study and Discussion: Accounting and Valuation, Chicago, IL, April 6, 2017
- Important Financial Issues as You Age, ORBA, Chicago, IL, October 27, 2015
- How Manufacturers Can Drive, Measure and Capture Value, ORBA, Chicago, IL, January 29, 2015
Certifications & Licenses
- Certified Public Accountant
- Certified Valuation Analyst
- Illinois Life and Health Insurance License
- Personal Financial Specialist
Memberships & Affiliations
- American Institute of Certified Public Accountants
- Chicago Bar Association
- Illinois CPA Society
- National Association of Certified Valuators & Analysts
Education
- B.S., Accountancy, Northern Illinois University
- J.D., DePaul University College of Law
Blogs
Family Businesses: Choosing the Right Exit Strategy
If you own a family business, it is likely one of your largest assets and it might be the most difficult to monetize. How you handle it can have a significant impact on your overall retirement and estate plans. There are a number of different exit strategies for a family business, including transferring to the […]
PPP Application Deadline Extended — $129 Billion Available
In June, the Paycheck Protection Program (PPP) Flexibility Act was signed into law, making it easier for many businesses to benefit from forgivable PPP loans. This was good news for restaurants, many of which had declined to apply for loans because of the Program’s strict requirements regarding rehiring of staff, use of the funds and […]
Paycheck Protection Program Gets a Refresh
The Paycheck Protection Program (PPP) has received a partial makeover. The PPP Flexibility Act (“Flexibility Act”), signed into law on June 5 together with new Small Business Administration (SBA) guidance, eases some of the restrictions that made it difficult for many businesses — restaurants in particular — to take full advantage of the program. Among […]
Individual Retirement Accounts (IRAs) often account for a large portion of an individual’s overall wealth as the person reaches retirement. With few exceptions, IRAs are taxable income at the time they are withdrawn. In addition, a 10% penalty may apply if distributions are made prior to reaching age 59-½.
Retirement Plan Changes Under the SECURE Act
For many people, qualified retirement plans make up a large part of their overall savings. There are many complex rules surrounding qualified plans and Individual Retirement Accounts (IRAs), but there have not been significant modifications for quite some time. That may all change this year as the House of Representatives has passed the Setting Every […]
Spousal Lifetime Access Trust: A Tool for Creditor Protection and Estate Planning
Many wealthy professionals are looking for ways to protect assets from potential lawsuits or other unknown creditors without giving up substantial control. Estate tax considerations are also still important as the current large estate tax exemption ($11.4 million for individuals, or $22.8 million for married couples) is set to drop at the end of 2025, […]
ORBA acquired Red Granite in 2016. This blog is meant to provide an overview of additional services and benefits that we can provide to our Red Granite clients who may not yet be familiar with our service model. Over the next few months, we will highlight both the traditional and unique services that we can provide to Red Granite clients and their owners and executives.
How Does Divorce Affect Social Security Retirement Benefits?
One of the challenges of planning for retirement is that an unexpected event, such as divorce, can dramatically change your retirement income needs. If you were counting on your spouse’s social security benefits to provide some of your retirement income, what happens now that you are divorced? This blog examines the effects.
Newsletters
Wealth Management Group Newsletter – Fall 2022
ORBA’s Wealth Management Group Fall 2022 Newsletter highlights the advantages and drawbacks of a self-directed IRA and suggests a number of options to consider regarding estate and gift planning.
Health Care Group Newsletter – Spring 2021
ORBA’s Health Care Group Newsletter explains the importance of using a professional, accredited appraiser to conduct a practice valuation and discusses the items the practice will need to provide to the appraiser. The newsletter also identifies ways to keep your current patients coming to your practice and how to market to new patients.
Wealth Management Group Newsletter — Spring 2016
ORBA’s Wealth Management Group Newsletter is a quarterly publication focused on effective wealth management. The Spring 2016 issue includes two articles: “Estate Plans Come with Income Tax Strategies” and “Checklist for Protecting Your Child’s Financial Future.”
Wealth Management Group Newsletter – Summer 2015
ORBA’s Wealth Management Group Newsletter is a quarterly publication focused on effective wealth management. The Spring 2015 issue includes two articles, Managing Retirement Savings After a Job Change and Charitable Remainder Trust with Life Insurance.
Wealth Management Group Newsletter – Spring 2014
It is often suggested that as you prepare information for income taxes, it is also a good time to perform an overall personal financial review. However, this can be a much larger task than most of our clients are ready to take on all at once. It is possible to address different areas of your finances separately and build up to a thorough and comprehensive overall financial review. Over the course of the next several issues, we will address different areas that you may consider as separate, but important and related pieces of an overall financial review.
Tax Connections Newsletter – Fall 2012
Make Sure Your Tax Payments Are on Track The IRS doesn’t wait until returns are filed to collect income taxes from taxpayers. Most people are required to pay tax during the year by making quarterly estimated tax payments to the IRS or having their employers withhold income taxes from their paychecks. It’s important to pay […]
Tax Connections Newsletter – Summer 2012
Renting Out a Vacation Home? Do Some Planning Renting out a second home can help defray the cost of owning and maintaining the property. And there may be valuable tax benefits from the rental arrangement as well. Here are some things to think about if you are going to rent out a vacation property. Two […]
Tax Connections Newsletter – Spring 2012
The Alternative Minimum Tax Trap When the alternative minimum tax (AMT) system was introduced in the early 1980s, it was intended to prevent a small number of taxpayers with substantial economic income from completely avoiding federal income taxes through the use of exclusions, deductions and credits. The idea was to have those taxpayers do a […]
Tax Connections Newsletter – Winter 2011
Avoid These Traps When Moving IRA and Retirement Plan Assets It pays to be careful when moving money from one traditional individual retirement account (IRA) to another or from an employer’s retirement plan to an IRA. Unless you follow certain guidelines, you may find yourself paying taxes on what could have been a tax-free transaction. […]
Tax Connections Newsletter – February 2012
Business Travel Away from “Home”- What’s Deductible? It’s not uncommon for employees to be given temporary job assignments that require them to be out of town for an extended period. In this situation, certain living costs may be deductible. Your “Tax Home” If you’re an employee, your “home” for travel expense purposes is the location […]
Tax Connections Newsletter – Fall 2011
Welcome to ORBA’s first bi-monthly Tax Connections Newsletter. Here you will find useful information on timely tax and accounting issues. Please feel free to comment and leave any thoughts or feedback you have. Be sure to check back every two months for a new issue as well as subscribe to our blog for weekly articles!
Client Alerts
Expiring TCJA Provisions Could Hike Your Federal Estate & Gift Tax Bills
While the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the U.S. tax system, many of the changes were only made on a temporary basis. Several critical provisions are scheduled to expire after 2025, absent congressional action. With strategic planning, you can reduce the impact on your finances.
EIDL Borrowers Receive Additional Six-Month Deferment
On March 15, 2022, the U.S. Small Business Administration announced an additional six-month deferment of principal and interest payments for existing loans made under the COVID Economic Injury Disaster Loan program.
Apply for PPP Forgiveness Before Loan Repayment Period Begins
A critical deadline is approaching for many businesses that have received loans under the Paycheck Protection Program (PPP). If a borrower does not apply for forgiveness within ten months after the last day of the “covered period,” its PPP loan payments will no longer be deferred and it must begin making payments to its lender.
The Biden Administration Proposes Far-Reaching Tax Overhaul
President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan.
Biden Administration Unveils Tax Blueprint as Part of American Jobs Plan
On March 31, the Biden administration unveiled a jobs and infrastructure plan, the American Jobs Plan, to address the nation’s pressing infrastructure needs. The plan calls for about $2 trillion in spending over eight years.
PPP Application Deadline Extended
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications.
The Internal Revenue Service and the State of Illinois have officially moved the 2020 income tax filing deadline for individuals to May 17, 2021 from April 15, 2021. Individual taxpayers can also postpone Federal and Illinois income tax payments due for the 2020 tax year to May 17, 2021 without incurring additional penalties or interest.
The American Rescue Plan Act Provides Sweeping Relief Measures for Eligible Individuals and Families
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact your finances.
The American Rescue Plan Act Has Passed: What Is in It for You?
President Biden has signed the American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses and state and local governments.
PPP Revisions Target Smallest Businesses
The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It is also changing several program rules to expand eligibility for the 100% forgivable PPP loans.
Paycheck Protection Program: Update to Loan Forgiveness Applications
On January 19, 2021, revised PPP Loan Forgiveness Applications were released. The forms address significant changes in the recent law and simplify the loan forgiveness process for borrowers with loans of $150,000 or less.
Paycheck Protection Program Reopening for First and Second Draw Loans
On January 8, 2021, the Small Business Administration (SBA) announced that the Payroll Protection Program (PPP) will reopen this week. The application deadline is March 31, 2021 or when the funds are exhausted.
Significant Changes in the Paycheck Protection Program in Recent Legislation
Congress passed the Consolidated Appropriations Act (the “Act”) yesterday which includes a new round of COVID-19 stimulus. President Trump is expected to sign the Act into law this week.
New Guidance on Tax Treatment of PPP Eligible Expenses
On November 18, 2020, the U.S. Treasury Department and Internal Revenue Service released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 clarifying the tax treatment of expenses that are eligible for PPP loan forgiveness.
Paycheck Protection Program Revised Forgiveness Application for Small Loans
On October 8, 2020, the Small Business Administration (SBA) provided a simplified PPP loan forgiveness application, Form 3508S, for borrowers with loans of $50,000 or less and new guidance concerning these small loans along with form instructions.
Borrowers that received PPP funds prior to June 5, 2020 have the option to use either a 24-week forgiveness period or an 8-week forgiveness period. On June 22, 2020, the SBA issued updated guidance that provides an additional option allowing a borrower to apply for forgiveness before the 24-week period ends.
Paycheck Protection Program Revised Forgiveness Applications
On June 17, 2020, the Small Business Administration (SBA) issued updated guidance to reflect the Payroll Protection Flexibility Act. The SBA also provided a revised PPP loan forgiveness application, Form 3508 and instructions, along with a simplified Form 3508 EZ and instructions for qualified borrowers.
Paycheck Protection Program Flexibility Act of 2020
On the evening of June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020. President Trump is expected to sign it into law soon. As its name implies, the Act provides PPP loan recipients with significantly more flexibility to use the funds and receive forgiveness.
Paycheck Protection Program: Loan Forgiveness Application Released
SBA Form 3508, Paycheck Protection Program Loan Forgiveness Application, was released on Friday, May 15, 2020. The form provides some answers for borrowers on qualifying expenses and documentation requirements.
SBA Issues New Guidance on “Need” for PPP Loan
On the morning of May 13, 2020, the Small Business Administration (SBA) clarified how it will review a borrower’s good faith certification concerning the necessity of their Paycheck Protection Program (PPP) loan request.
Small Business Administration Grants Extension for Borrowers to Return PPP Loans Without Penalty
On the evening of May 5, 2020, the Small Business Administration (SBA), in consultation with the Department of the Treasury, extended the date from May 7 to May 14, 2020 for borrowers to return PPP loans without penalty. This refers to loans for which borrowers may not have an economic need under the new guidance.
Borrowers Can Return PPP Loans by May 7, 2020 Without Penalty
Recently, there have been a number of high-profile cases of public companies and large venture-backed private companies that have given back loans received under the Paycheck Protection Program (PPP). Several large restaurant groups, including Potbelly Corp., Shake Shack and the parent company of Ruth’s Chris Steak House, have recently returned loan funds.
Deduction for Expenses Related to Forgiven PPP Loans Non-Deductible
The details behind the Paycheck Protection Program (PPP) continue to evolve and many aspects of the program remain uncertain. The CARES Act was clear that the amount of loan forgiveness will not be included in gross income for federal income tax purposes.
Paycheck Protection Program: Additional Money, Loan Forgiveness and Other Guidance
The Senate has approved the Paycheck Protection Program and Health Care Enhancement Act which provides an additional $310 billion of funding for the Paycheck Protection Program loan program along with $60 billion for additional disaster relief loans and grants. The House is expected to approve the Act and the President is expected to sign into law today.
Paycheck Protection Program: Rules for Self-Employed Persons Issued
On April 14, 2020, the Treasury Department issued its third formal Interim Final Rule related to the Paycheck Protection Program (PPP).
Update: Paycheck Protection Program Rules Clarified
Late on Thursday, April 2, the Treasury Department issued SBA-2020-015 that provides additional guidance regarding the Paycheck Protection Program. This Rule clarifies some items, but questions remain. Borrowers need to understand the inconsistencies between the CARES Act, the Interim Final Rule and the loan application instructions to determine the position that best fits their circumstances.
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) is now law and the most impactful piece of this historic legislation is the Paycheck Protection Program. This provides nearly $350 billion in forgivable loans to qualified small businesses.
Senate Passes the Coronavirus Aid, Relief, and Economic Security (CARES) Act
The Senate has passed the Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act. It is expected to be ratified by the House and quickly signed by the President. Estimated at over $2 trillion, the relief package is the largest in U.S. history.
Small Business Administration Disaster Loans
Illinois has been declared a disaster state due to the COVID-19 pandemic. Illinois small and mid-sized businesses are now qualified to apply for SBA Economic Injury Disaster Loans up to $2 million directly through the Small Business Administration.
Tax Credit for Small and Mid-Size Businesses Providing Coronavirus-Related Paid Leave
In our previous Client Alert, What you need to know about the Families First Coronavirus Response Act, we provided a general overview of the recent Act. The Act mandated businesses with fewer than 500 employees provide their employees paid sick leave and expanded family and medical leave for COVID-19 related reasons and created two new refundable payroll tax credits to reimburse the employer for the cost of providing this leave.
What You Need to Know About the Families First Coronavirus Response Act
On March 18, 2020 the Families First Coronavirus Response Act was signed into law. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic. Employers’ increased costs can be offset by new tax credits.
The SECURE Act Likely to Affect Your Retirement and Estate Plans
The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including minimizing taxes.
The SECURE Act Changes the Rules for Employers on Retirement Plans
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on employers. This client alert discusses some of the most important developments for employers, many of which took effect for plan years beginning after December 31, 2019.
2019 Tax Law Update: Highlights of Spending Package’s Tax Law Changes
The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired, or that were due to expire at the end of 2019.
Valuation Discounts on Closely-Held Entities in Jeopardy
Often, closely-held business owners will choose to transfer the business to younger family members during life or at death. The goal being to keep the business in the family. The Federal estate, gift and generation transfer tax rules can make these transactions difficult as taxes must be paid on the value of the business transferred. […]
News
Various Media – ORBA Launches ORBA Wealth Advisors
ORBA was mentioned in the media for its announcement of the launch of ORBA Wealth Advisors, LLC. Reporting media include Wealth Adviser, Verdict, Yahoo! Finance, the Daily Herald and Merril Edge. View the official press release.
ORBA Announces the Launch of Wealth Advisory Subsidiary, ORBA Wealth Advisors, LLC
CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to announce the opening of its new wealth advisory subsidiary, ORBA Wealth Advisors, LLC, an Independent Registered Investment Advisor (RIA).
